XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.22.2

Financial instruments | 6 Months Ended
--- | ---
Jun. 30, 2022
Financial instruments |
Financial instruments | 14Financial instruments To provide an indication about the reliability of the inputs used in determining fair value, the Company classifies its financial instruments into the three levels prescribed under the accounting standards. Financial liabilities at fair value through profit and loss:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022 | ​ | December 31, 2021
​ | ​ | £000 | ​ | £000
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Convertible Senior Secured Notes |  | — |  | — |  | 92,450 |  | — |  | — |  | 112,799
Warrant liabilities |  | 6,187 |  | — |  | — |  | 10,730 |  | — |  | —
​ |  | 6,187 |  | — |  | 92,450 |  | 10,730 |  | — |  | 112,799
​ The fair value of financial instruments is deemed to be equivalent to the carrying value. 14 Financial instruments (continued) Level 1: The fair value of financial instruments traded in active is based on quoted market prices at the end of the reporting period. As such, warrants issued but not exercised are valued with reference to the observable market price as at the period end date ($0.39 per warrant). Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for the issued Convertible Senior Secured Notes. The fair value of the convertible senior secured notes has been estimated using a binomial lattice framework. The following inputs have been used:
​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | December 31, 2021 |
Risk-free rate |  | 3.00 | % | 1.25 | %
Dividend yield |  | — |  | — | ​
Volatility |  | 52.5 | % | 52.5 | %
Credit spread |  | 21.8 | % | 21.8 | %
​ No changes were made during the period ended June 30, 2022 to the valuation techniques applied as at December 31, 2021.

X
- Definition The disclosure of detailed information about financial instruments. [Refer: Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_31&doctype=Standard -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 7 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard -URIDate 2021-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Paragraph 35K -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_35K&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration